v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (412.9) $ (309.9)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 67.6 73.7
Amortization of turnaround costs 19.2 20.8
Non-cash interest expense 23.9 18.0
Debt extinguishment costs 1.7 47.7
RINs expense 310.9 211.6
Unrealized (gain) loss on derivative instruments 93.7 (7.1)
Gain on sale of business 0.0 (62.2)
Equity based compensation 44.9 (17.0)
Lower of cost or market inventory adjustment (21.8) (2.0)
Other adjustments to reconcile net loss to cash flow from operating activities (0.2) 3.6
Changes in assets and liabilities    
Accounts receivable (185.5) (18.1)
Inventories (14.0) 47.8
Prepaid expenses and other current assets 3.8 4.0
Turnaround costs (18.5) (8.5)
Other assets (0.2) 5.4
Accounts payable 101.3 (48.2)
Accrued interest payable 6.2 2.3
Accrued salaries, wages and benefits (13.6) (1.4)
Other taxes payable 0.4 5.6
Other liabilities (0.8) 2.9
Net cash provided by (used in) operating activities 6.1 (31.1)
Investing activities    
Additions to property, plant and equipment (51.5) (31.2)
Proceeds from sale of business, net 0.0 95.4
Other (1.5) 0.0
Net cash provided by (used in) investing activities (53.0) 64.2
Financing activities    
Proceeds from borrowings — revolving credit facility 846.8 1,357.7
Repayments of borrowings — revolving credit facility (923.1) (1,435.9)
Proceeds from borrowings — MRL revolving credit agreement 0.0 26.6
Repayments of borrowings — MRL revolving credit agreement 0.0 (26.7)
Proceeds from borrowings — senior notes 557.7 100.0
Repayments of borrowings — senior notes (449.4) (150.0)
Proceeds from inventory financing 188.2 174.7
Payments on inventory financing (193.7) (231.5)
Proceeds from DOE Loan 0.0 781.8
Proceeds from asset financing arrangements 0.0 40.0
Payments on asset financing arrangements (15.4) (10.8)
Repayments of borrowings - MRL Asset Financing Arrangements 0.0 (396.1)
Repayments of borrowings - MRL Term Loan Credit Agreement 0.0 (86.0)
Debt issuance costs, debt discounts and premiums (12.9) (24.9)
Payments on other financing obligations (6.6) (7.3)
Net cash provided by (used in) financing activities (8.4) 111.6
Net increase (decrease) in cash, cash equivalents and restricted cash (55.3) 144.7
Cash, cash equivalents and restricted cash at beginning of period 205.1 45.9
Cash, cash equivalents and restricted cash at end of period 149.8 190.6
Supplemental disclosure of cash flow information    
Interest paid, net of capitalized interest 70.3 91.1
Capital expenditures included in accounts payable $ 5.3 24.1
Maximum    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Gain on sale of business   $ (62.3)